Crypto News: BTC Rally, ETH Recovery, SOL, FTM, USDT & MORE!
Summary
TLDRThis week's Coin Bureau Weekly News Roundup covers Bitcoin's recovery as CPI numbers align with expectations and ETF inflows accelerate. The potential for a spot Ethereum ETF approval is debated, with speculation on its impact on ETH's price. Tether faces scrutiny, with Ripple's CEO suggesting a crackdown, coinciding with Kraken's consideration to delist the stablecoin in the EU. China's monetary policy is discussed, with the government reportedly buying homes to stabilize the housing market, which could influence the crypto market. The video also reviews last week's top-performing cryptocurrencies and their future prospects.
Takeaways
- 📈 **Bitcoin Recovery**: Bitcoin's price rallied after the CPI for April came in within expectations, and ETF inflows accelerated.
- 🎢 **Volatility and Macro Factors**: The strong response of BTC to the CPI suggests that macroeconomic factors will continue to influence crypto market volatility.
- 💡 **Spot Bitcoin ETFs**: There is speculation about the potential approval of spot Bitcoin ETFs, which could impact the market significantly.
- 🌐 **China's Economic Moves**: The Chinese government is reportedly buying homes to prevent a housing market collapse, which could have implications for the crypto market.
- 🔍 **Tether Under Scrutiny**: Ripple's CEO suggests that the US government may crack down on Tether, even as Kraken considers delisting the stablecoin in the EU.
- 📉 **Crypto Market Impact**: The potential delisting of USDT in the EU could have a profound effect on the crypto market, particularly for small cap altcoins.
- 🤔 **ETH ETF Speculation**: There is debate over whether the SEC will approve or deny spot Ethereum ETFs, with potential implications for Ethereum's price.
- 🏦 **Central Banks and Crypto**: Central banks' actions, including interest rate adjustments and liquidity injections, are expected to influence the crypto market trend.
- 💰 **Money Printing in China**: China is injecting liquidity into its economy, which could lead to further stimulus and potentially affect the global financial system and crypto markets.
- 🚀 **Top Performing Cryptos**: Last week's top-performing cryptos included Phantom, Chainlink, Bonk, Ono Finance, and Solana, each with specific catalysts for their price movements.
- ⏱️ **Timing of Market Moves**: It takes time for liquidity conditions to affect BTC prices, suggesting that the impact of recent stimulus efforts may not be felt until later.
Q & A
What triggered Bitcoin's (BTC) recovery rally last week?
-Bitcoin's recovery rally was triggered by the release of the CPI numbers for April, which came in within expectations, and the acceleration of inflows into spot Bitcoin ETFs.
How did the CPI numbers affect the ETF inflows into Bitcoin?
-The CPI numbers seemed to have spurred the ETF inflows, indicating that macro factors are significant considerations for spot Bitcoin ETF investors.
What is the significance of macro factors in the crypto market?
-Macro factors are significant because they can cause volatility in the crypto market. Positive economic prints can lead to bullish movements, while negative prints or deteriorating economic conditions could lead to sharp corrections or even be paradoxically bullish if they increase the likelihood of the Federal Reserve decreasing interest rates.
What could the potential outcomes be if the CPI starts coming in above expectations?
-If the CPI starts coming in above expectations, BTC could experience a sharp correction. Conversely, if economic conditions continue to deteriorate, it could be bullish for BTC and other risk assets as it might lead to a decrease in interest rates by the Federal Reserve.
What is the current range that BTC has been trading in on the daily chart since late February, and what does breaking above it signify?
-BTC has been trading in a range between $61k and $72k on the daily chart since late February. Breaking above $72k could cause a breakout of the bull flag to the $100K target that many traders have been anticipating.
What is the speculation around the spot Ethereum ETFs and what is the expected decision date?
-There is speculation that the SEC could approve the spot Ethereum ETFs, despite the expectation that they will be rejected as the SEC is likely to declare Ethereum a security in upcoming lawsuits. The final decision date is this Thursday.
Why is there a possibility that the spot Ethereum ETFs could be approved despite the SEC's aggressive enforcement arm?
-The possibility of approval exists because the SEC's enforcement arm is not in charge of approving or rejecting ETFs. Additionally, there could be political pressure to approve the spot Ethereum ETFs to sway the minds of pro-crypto voters.
What is the situation with Tether (USDT) and the US government's scrutiny?
-Tether, the issuer of USDT, is reportedly under scrutiny by the US government. However, Tether has been working with US regulators to ensure compliance, and the US government has an interest in stablecoin issuers growing as they back most stablecoins with US Government debt.
What is the impact of China's stimulus measures on the crypto market?
-China's stimulus measures, aimed at preventing a housing market collapse, could inject more liquidity into the economy, which may eventually affect the crypto market. This liquidity could be absorbed by the crypto market, potentially leading to an upward trend in crypto prices.
What are the implications of the EU's new crypto regulations (MiCA) for stablecoins?
-Under MiCA, USD stablecoins with more than €2.2 billion in trading volume and 1 million transactions per day must be banned by the end of June. This could lead to the delisting of most USD stablecoins for EU users, potentially affecting the trading of small cap altcoins that primarily trade against USDT.
What were last week's top-performing cryptocurrencies and what factors contributed to their performance?
-Last week's top-performing cryptocurrencies were Phantom, Chainlink, Bonk, Ono Finance, and Solana. Factors contributing to their performance included news releases, partnerships, updates to platforms, and potential technical patterns suggesting future price movements.
Outlines
📈 Bitcoin's Recovery and ETF Inflows
The script begins with a discussion on Bitcoin's (BTC) recent recovery rally, which was triggered by the release of the Consumer Price Index (CPI) for April, coming in within expectations. This led to an acceleration in spot Bitcoin ETF inflows, suggesting that macroeconomic factors are a key driver for ETF investors. The script highlights the importance of macroeconomic indicators for the crypto market, with the potential for significant volatility in response to economic data releases. It also speculates on the possible outcomes for BTC, such as a sharp correction if CPI exceeds expectations or a paradoxical bullish scenario if economic conditions deteriorate, prompting the Federal Reserve to decrease interest rates. The discussion concludes with the potential for BTC to reach the $100K target if it breaks above its current trading range.
🔎 Ethereum ETF Speculation and Tether Scrutiny
This paragraph delves into the speculation surrounding the potential approval or denial of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). The consensus is that the ETFs will be rejected, with the SEC likely to consider Ethereum a security. However, there is a possibility of an upside surprise due to the bearish sentiment already priced into the market. The script also touches on the political aspects of the ETF decision and the potential impact on the crypto market. Additionally, it discusses the scrutiny faced by Tether (USDT), the largest stablecoin, with Ripple's CEO suggesting a crackdown by the U.S. government. This is contrasted with the actual cooperation between Tether and U.S. regulators, and the U.S. government's interest in stablecoin growth due to its backing by U.S. government debt.
🏢 China's Monetary Policy and Its Impact on Crypto
The script discusses China's efforts to manage its housing market crisis, which accounts for a significant portion of its economy. It outlines the government's stimulus measures, including lowering mortgage rates, reducing down payments, and providing funds to purchase unsold homes. The paragraph suggests that China is likely to inject more stimulus into the economy, especially if other central banks start lowering interest rates. This liquidity injection could have a positive impact on the crypto market, as crypto is seen as a sponge for excess liquidity. The script also mentions the potential delay in the effect of China's stimulus on BTC, as suggested by macro analyst Michael Howell.
🚀 Analysis of Last Week's Top Performing Cryptos
The script provides an analysis of the top-performing cryptocurrencies from the previous week, including Phantom (FTM), Chainlink (LINK), Bonk (BONK), Ono Finance (ONO), and Solana (SOL). Each crypto's performance is attributed to specific events or updates, such as Phantom's upcoming sister chain, Chainlink's partnerships, Bonk's promotion at a music festival, Ono Finance's dashboard update, and Solana's Phantom wallet rankings. The potential future price movements for these cryptocurrencies are also discussed, with some suggesting significant growth potential.
📚 Conclusion of the Weekly Crypto Review
The final paragraph wraps up the weekly crypto review by inviting viewers to engage with the content through likes, subscriptions, and notifications. It also promotes the Coin Bureau's deals page, which offers trading fee discounts and sign-up bonuses, and mentions the Coin Bureau's merchandise store. The script ends with a thank you note and a teaser for the next week's episode.
Mindmap
Keywords
💡Bitcoin (BTC)
💡Consumer Price Index (CPI)
💡ETF (Exchange Traded Fund)
💡Ethereum (ETH)
💡Tether (USDT)
💡Stablecoin
💡China's monetary policy
💡Macro factors
💡Crypto market analysis
💡Delisting
💡Bull flag and Head and Shoulders pattern
Highlights
Bitcoin recovers as BTC rallies following the CPI for April coming in within expectations and ETF inflows accelerating.
The significance of macro factors on Bitcoin's price movement, with ETF inflows linked to macroeconomic data.
The potential impact of economic data on Bitcoin's volatility and its implications for market direction.
The possibility of a 100K BTC target being within sight if BTC breaks above its trading range.
Ethereum's potential outperformance over Bitcoin due to speculation about spot Ethereum ETFs.
The debate over whether the SEC will approve or deny spot Ethereum ETFs and its market implications.
Ripple CEO's claim that the US government will be cracking down on Tether and its impact on the crypto market.
China's monetary policy and its effects on the housing market and potential implications for crypto.
Analysis of Phantom's price action following the release of news about its sister chain.
Chainlink's price pump due to recent partnerships and its technical price pattern.
Bonk's rally following a promotion at the EDC music festival and its bullish price pattern.
Ono Finance's price increase due to an update to its protocol and its potential future price trajectory.
Solana's Phantom wallet upgrade and its effect on user downloads and network growth.
The top-performing cryptocurrencies of the week and their potential future price movements.
The Coin Bureau's resources for tracking crypto performance and trading opportunities.
Transcripts
welcome to the coin Bureau Weekly News
Roundup my name is guy and my name is
Nick and I'm covering for Jess who is a
way to from the office here are the top
stories in crypto this
[Music]
week Bitcoin finally recovers BTC
rallies after the CPI for April comes in
within expectations and ETF inflows
accelerate how high could Bitcoin go eth
ETF speculation
crypto analysts debate whether the SEC
will approve or deny the spot ethereum
ETFs this Thursday what does this mean
for eth tether under scrutiny Ripple's
CEO claims the US government will be
cracking down on Tether as one billion
usdt is printed all while at the same
time Kraken considers delisting the
stable coin in the EU everything you
need to know China prints money the
Chinese government report reportedly
begins buying homes to prevent its
housing market from imploding how could
this affect the crypto market and a
close a look at last week's top
performing cryptos and where they could
be headed next all this and More in just
a
moment last week BTC experienced an
explosive recovery rally after the CPI
numbers for April came in within
expectations and spot Bitcoin ETFs began
seeing sizable net inflows again notably
the CPI numbers seem to have spurred the
ETF inflows suggesting that spot Bitcoin
ETF investors are focused on macro
factors as you can hopefully see there
were actually minimal inflows on the day
prior to the CPI print and even on the
day of the print itself it was only in
the days that followed that the spot ETF
inflows really started ramping up this
is significant as it suggests we too
must pay close attention to Matter's
macro if you're subscribed to our Weekly
Newsletter you'll know that we do an
analysis of upcoming crypto and macro
factors and what impacts they could have
on the crypto market so be sure to
subscribe to our Weekly Newsletter using
the link in the description so you don't
miss our weekly Market forecast but back
to the significance of macro factors the
fact that BTC responded so strongly to
the CPI print suggests that any other
economic prints will be met with similar
levels of volatility and not all ways to
the upside if the CPI starts coming in
above expectations for example BTC could
experience a sharp correction conversely
if the economic condition of the US
continues to deteriorate then this could
paradoxically be bullish for BTC and
other risk assets that's simply because
it would increase the likelihood that
the FED will decrease interest rates
just like gradually lower CPI prints
would if you watched yesterday's video
about a potential recession you'll know
that the worst possible outcome would be
stagflation that is rising unemployment
with high or Rising inflation in these
conditions it would be difficult for
central banks to act in a way that would
stimulate risk assets barring
stagflation or any black swans on the
crypto or macro FRS though it's likely
that crypto will continue to grind
higher this is just because the treasury
Department will likely continue to juice
the economy leading up to the election
and the FED will be accommodating so
long as inflation stays put the result
could be the 100K BTC Target that many
Traders have been calling for one that
will be within sight if and when BTC
breaks above the upper bound of the
range it's been trading in on the daily
chart since late February as you can see
this range is somewhere between 61 and
72k breaking above 72k would cause a
breakout of the bull flag to 100K that
Traders have been watching on the weekly
a bull flag that many believe is
analogous to the one we saw in late 2020
before the crypto Market went parabolic
however it's possible that BTC is in a
distribution pattern signaling a local
top now if you want to maximize your
gains whichever way the market goes then
be sure to check out the coin Bureau
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advantage of them while you can using
the link in the description now while
everyone has been focused on BTC it
seems that eth is finally starting to
make some big moves this is evident on
The Daily eth BTC chart which suggests
that eth could keyword could have hit a
local or even a cycle bottom relative to
BTC foreshadowing eth potentially
outperforming BTC of course this is due
to speculation about the possibility
that the SEC could approve the spot
ethereum ETFs this Thursday its final
decision date as most of you will know
the consensus is that the spot ethereum
ETFs will be rejected as the SEC is
expected to declare eth a security in
upcoming lawsuits if you watched last
week's crypto review you'll know that
this speculation has been brewing ever
since the likes of Black Rock and JP
Morgan made comments suggesting that the
spot ethereum ETFs could still be
approved even if the secc alleges eth is
a security coinbase is now echoing a
similar sentiment in a recent report
coinbase argued that the markets are
quote underestimating the possibility of
a spot ethereum ETF approval and that
there could be quote surprises to the
upside as a result this should come as
no surprise if you're a regular viewer
we we've been saying this for almost 2
weeks now although it is likely that the
spot ethereum ETFs will be rejected
there could still be upside surprises
that's because the crypto Market has
been very bearish on eth evidenced by
the aforementioned eth BTC chart the ETF
rejections upcoming lawsuits and
security status have arguably been
priced in this means that if any one of
these things doesn't happen then it
could result in an upside surprise
particularly when you factor in Old
traders who are short eth for example
maybe the ETFs get rejected but the
lawsuits never come or vice versa
surprise ETF approval but lawsuits
launched this just underscores something
to always keep in mind and that's how
investors are positioned the more
investors are bearish on an asset the
higher the risk of an upside surprise
this is why bare markets tend to be slow
grinds lower with big rallies in between
the short leverage causes short squeezes
on the flip side bull markets tend to be
slow grinds higher with big crashes in
between due to all the long leverage
being shaken out funly enough it's hard
to identify whether BTC is in a bull or
bare Market based on this Criterion as
it's seen a mix of both over the last
few months in any case if you're
wondering why it's likely that the spot
ethereum ETFs will be rejected the short
answer is that this is what happened
with the spot Bitcoin ETFs in the past
the SEC would delay the applications
until the final date before rejecting in
that sense history is repeating so far
if you're wondering why it's possible
that the spot ethereum ETFs could be
approved well the short answer is that
the sec's enforcement arm is not in
charge of approving or rejecting
ETFs this is presumably why black rock
JP Morgan and others remain optimistic
despite the sec's aggressive enforcement
arm as a cherry on top it's possible
that there's political pressure to get
the spot ethereum ETFs approved for
context many believe that the Democratic
party is inherently anti- crypto which
is understandable given that many of the
key players in the Crackdown are
Democrats namely of course Elizabeth
Warren this has resulted in a sudden
surge of Republican support from crypto
holders and the crypto industry which
the incumbents understandably want to
reduce convincing Gary gendler and the
Gang to approve the spot ethereum ETFs
would be one way of swaying the minds of
pro crypto voters but then again it
would just prove to everyone that the
SEC is political as many have long
suspected now speaking of crypto
crackdowns the US government is
reportedly going after tether at least
according to Ripple CEO Brad
garlinghouse for reference tether is the
issuer of usdt the largest stable coin
which accounts for the Lion's Share of
trading volume in crypto we'll come back
to that in a second now as tether CEO
Paulo Arduino and many others have
pointed out it's likely that Brad only
said this because Ripple is reportedly
in the process of launching a stable
coin of its own this means that Ripple
would stand to gain from additional
tether scrutiny as would Circle and
black rock that matter even so it's
objectively true that the US government
has been scrutinizing tether over the
last few months the thing is that the
stable coin issuer seems to have made
peace with us regulators and by made
peace I mean that they're literally
working with us agencies to ensure
everything is above
board not only that but the US
government has a vested interest in
ensuring that stable coin issuers become
bigger be they tether or otherwise
that's because most of the stable coins
in circulation are backed by US
Government debt this means that all
stable coin holders are subsidizing US
government spending That's Why Us
officials are probably applauding
tether's 1 billion usdt print as it
means that another $1 billion of US
Government debt was bought by
unsuspecting crypto holders oddly enough
these prints are also celebr ated by
crypto holders but for completely
unrelated reasons you see it's believed
that the usdt tether is printing is
being used to buy BTC and even other
cryptos if you watched our video about
stablecoin market caps however you'll
know that these huge usdt prints are due
to an increase in demand for leverage
trading which tends to spike when crypto
prices get volatile in case you forgot
crypto experienced a massive rally last
week that my friend is volatility this
means that there were likely lots of
traders who wanted to go long or go
short to maximize their profits in
practice this requires purchasing usdt
as most Futures contracts are
denominated in usdt the same is true for
the spot Market usdt continues to be the
primary trading pair especially for
midcap and small cap altcoins this is
why crypto holders are nervous about the
news that Kraken is considering de
listing usdt for EU users something it
will probably need to do because of mic
to bring you up to speed mic stands for
markets in crypto assets the eu's new
crypto regulations one part of Micah
pertains to stable coins and states that
any USD stable coins that have more than
€2 200 million EUR of trading volume and
1 million transactions per day must be
banned by the end of June in Practical
terms this means that basically every US
dollar stable coin will need to be
delisted for EU users by the 30th of
June what's odd though is that so far
most of these eud listings have centered
around usdt we suspect this is because
usdc does not meet the threshold for an
EU ban at least not yet regardless the
fact of the matter is that it appears
many exchanges will be delisting usdt
for EU users by the end of next month
so if you are based in the EU we
strongly suggest reaching out to the
exchanges you use to ask what will
happen to all the usdt trading pairs
they offer mainly for alts if you think
this isn't relevant to you well consider
that almost 20% of all Global crypto
trading volume takes place in Western
Europe alone according to chainalysis to
put things into perspective North
America is only first by a small margin
and Europe is bigger if you include
Eastern Europe in the mix what this
means is that the usdd listings could
have a profound effect on the crypto
market and I'll reiterate that this
effect will likely be felt the most by
small cap altcoins as most of them only
trade against usdt for what it's worth
dexes are still a thing even in the EU
which seems to want to ban defi by the
way whatever the case it seems that any
bearish crypto catalysts coming out of
Europe Europe will be offset by the
enormous amount of money printing that's
about to come out of Asia specifically
China for those unaware China is in the
process of deflating a housing bubble
that accounted for 20% of its economy
initially China responded with minimal
stimulus as it didn't want to cause
inflation and also didn't want to risk
devaluing the Yuan if you watched our
video about China's new Central Banker
you'll know they brought in a new
governor to ensure that the Yuan value
didn't fall through the floor you'll
also know that the only way that China
would be able to ease would be if the
fed and other central banks started
easing first given how doish most other
central banks have been it seems that
China has gotten just enough wiggle room
to inject some much needed liquidity
into its economy naturally this stimulus
is concentrated around the housing
market and it consists of three changes
lowering the mortgage rate and lowering
the D payment which makes housing more
affordable and giving $42 billion to
provincial authorities to buy up unsold
homes to further support prices now this
might not sound like much but it's the
biggest bailout that the Chinese
government has offered so far and it's
led to speculation that an even bigger
bailout will come if this one doesn't
work seeing that the previous tweaks
around the edges were unsuccessful the
chances of further stimulus are very
high so when you combine this with the
likelihood that other central banks will
start lowering interest rates it seems
almost guaranteed that China will inject
more stimulus as soon as it can as a not
so fun fact it's believed that China is
trying to contain its bursting housing
debt bubble as the blast could affect
everyone else this would explain why
officials from the US and elsewhere have
frequently been visiting China and could
also explain why zi jingping himself has
been traveling abroad
from the outside looking in it looks
like everyone is trying to keep this
inherently unstable Financial system
from finally falling over the reality of
the situation is ultimately why crypto
was created and in time it will become
clear to everyone that crypto is about
much more than speculation in the
interim it will continue to be a sponge
that absorbs all the liquidity from the
stimulus required to keep the financial
system afloat now research by macro
analyst Michael Howell suggests that it
takes between 6 and 8 weeks for BTC to
be affected by changing liquidity
conditions this means that crypto may
not feel the effects of China's most
recent stimulus until later in the
summer the same is true for the Federal
Reserve and the treasury between now and
then it's possible that crypto could see
another dip lower due to last month's
tax related liquidity drain but in the
short term it's clear that the trend is
up and to the right and that is all that
matters just remember to let the markets
tell you where they're going not the
other way around and with all that said
it's about time we looked at last week's
top performing cryptos so take it away
Jessica I mean
Nick thank you guy now last week's top
performing cryptos were Phantom chain
link Bonk Ono finance and
salana starting with Phantom ft appears
to have pumped on the release of more
news related to Sonic Phantom's upcoming
sister chain note that we'll be doing a
updated Phantom review on the channel
later this week so of course stay tuned
for that one now as you can see FTM
appears to be in the process of painting
a bull flag on its long-term price
charts if it plays out FTM could go as
high as
$2 either way it's going to be really
interesting to see how FTM performs
after the release of this so-called
sister chain and next up we have chain
links link now this appears to have
pumped due to the release of the results
of the crypto Oracle recent Partnerships
with the dtcc as well as other large
trafi
institutions in contrast to FTM link
appears to be painting more of a head
and shoulders pattern this could be
because link faces significant
resistance around the $20 level if it
can get above that level level though
then it may turn into a bull
flag however uh for the time being it
looks like it may struggle to go higher
and when it comes to Bonk it appears to
have pumped due to the mean coins
promotion at the recent EDC music
festival in Las Vegas D Jens and
Electra what a
combination anyways similarly to link
Bon appears to be painting a head and
shoulders pattern but it's inverse
meaning it's it's bullish believe it or
not though but it looks like Bon could
pump by another 50% before eventually
correcting on the possible Head and
Shoulders pattern it would paint and as
for Ono Finance Ono appears to have
pumped due to an update to the Ono DOI
dashboard now this basically lets
liquidity providers keep track of the
points they've been earning on this
Innovative rwa
protocol what it means for price is that
it seem seems to have caused Ando to
break out of the channel it had been
forming over the last few weeks if this
breakout continues Ando could go as high
as
$130 and last but not least we have soul
which appears to have rallied on an
upcoming upgrade that seeks to solve
salana suggestion issues once and for
all Solana's Phantom wallet has also
seen increase in rankings on numerous
app stores which of course suggests more
user downloads and users come into the
network
what's spooky though is that Soul's
long-term price action looks scarily
similar to the way it did in the 2021
cycle
top however when you view it in context
of the price action we've seen since
then it looks more like a massive cup
and handle pattern that's quite similar
to those AI cryptos we've been talking
about in the past few weeks in this case
the target could be about
$350 if you want to keep track of which
cryptos are pumping and where you can
trade them then be sure to check out the
coin Bureau telegram Channel using that
link down in the
description and that is all for today's
coin Bureau weekly crypto review if you
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watching and we'll see you in next
week's episode
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